KKR has signed an agreement to acquire a majority stake in Avantus, with it and existing investor EIG being sole equity investors.
Founded in 2009, Avantus owns a project pipeline of 30 GW of solar and 94 GWh of battery storage, primarily in the southwestern U.S. and California.
“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification,” says KKR’s Charlie Gailliot.
“Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers. We are delighted to support Avantus in realizing its full potential.”
Following the closing of the transaction, KKR will support Avantus in creating an equity ownership program for its employees.
Jefferies acted as sole financial advisor to KKR. KKR Capital Markets and Sumitomo Mitsui Banking acted as the lead structuring agents and arrangers of a development financing facility for the company. Scotiabank served as financial advisor to Avantus.
